Economic Buzz: China?s fixed-asset investment records first annual decline since 1989

China?s fixed-asset investment contracted by 3.8% in 2025, marking its first annual decline since 1989, as a deepening downturn in the property sector continued to drag on overall investment activity. Property investment plunged by 17.2%, while infrastructure investment fell by 2.2%, offsetting a modest 0.6% increase in manufacturing investment. By sector, investment in the primary and secondary industries rose by 2.3% and 2.5% respectively, but this was outweighed by a sharp 7.4% contraction in the tertiary industry. Excluding property, fixed-asset investment still declined by 0.5% for the year, while on a monthly basis, investment fell by 1.1% in December following a 0.4% drop in November, highlighting continued weakness toward year-end.

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